The flagship cryptocurrency Bitcoin ($BTC) is still enduring a downward trajectory and it may be a while “before buy-and-hold types gain the upper hand” in the cryptocurrency, at a time in which central banks keep on raising interest rates.
According to Bloomberg commodity strategist Mike McGlone, who is a well-known cryptocurrency bull, the flagship cryptocurrency faces significant headwinds from interest rate hikes and regulatory pressure, and sees $BTC trending lower based on its 52-week moving average.
McGlone, as CryptoGlobe reported, has last month suggested BTC investors should be accumulating the flagship cryptocurrency before its price explodes upward and hits $150,000 per coin. McGlone also warned traders that BTC could first drop to $15,000 before moving upward to new highs.
The analyst also likened Bitcoin’s adoption to that of the internet in its early days, and pointed out that demand and adoption are still low because we’re in the cryptocurrency’s “early days,” similar to the internet 20 years ago.
In an interview with cryptocurrency influencer Scott Melker, McGlone noted that he believes more regulations may be coming to the industry in the near future, as there’s “so much adult supervision needed in crypto,” even though “people complain about regulation.”
Per his words, as reported, people “Sam Bankman-Fried prove that young people playing video games should not be running corporations and taking your money and giving it away to their parents to buy homes and things.”
The analyst concluded that when users put their money in an exchange they want to be able to trust it, and implied that what’s happening is platforms that users don’t trust are starting to be filtered out.
McGlone has notably accurately predicted in November 2020 that the price of BTC would surpass its $20,000 mark and enter a parabolic rally in 2021. Last year, BTC reached a new all-time high near the $69,0000 mark before enduring a significant correction.
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